South Korea blocks 17 unregistered exchanges on Google Play

The Financial Intelligence Unit urges exchanges to comply with South Korea’s regulations.

South Korea’s National Pension Service is exploring blockchain to enhance transparency and security in its fund operations.

South Korean regulators have strengthened their efforts to curb money laundering and protect local users by urging Google Play to block 17 unregistered overseas crypto exchanges.

They cited concerns about platforms failing to comply with local regulations.

The blocked exchanges, including major names such as KuCoin, MEXC, and Poloniex, can no longer be accessed for new downloads or updates through the Google Play Store.

South Korean authorities are increasing oversight of virtual asset service providers (VASPs) to prevent illicit activities and ensure the security of users.

The move follows heightened scrutiny of the crypto industry in South Korea. Recently, the Southern District Prosecutors’ Office raided Bithumb offices over allegations of financial misconduct.

The authorities are also in discussions with Apple Korea to extend the block to the App Store. As these regulatory measures progress, exchanges are being urged to comply with South Korea’s strict crypto laws to maintain their access to the market.

For more information on these topics, visit diplomacy.edu.